Use of e-Sign Workflow in Banking, Insurance, and NBFCs

An opportunity to swiftly respond to the ever-changing financial environment is what makes it successful in the modern fast moving financial ecosystem. In the case of banks, insurance companies and NBFC (Non-Banking Financial Company), physical paper work, particularly in signatures is a significant bottleneck. Loans applications and KYC along with policy documents and client onboarding require several signatures and approvals in every document.

The e-Sign workflows have transformed this process and enable financial institutions to gather signatures, automate the flows of documents and easily comply with legal requirements. Thanks to such technologies as Aadhaar eSign API and Document Signing Workflow Automation, financial organizations will be able to switch to fully digital signing (secured and real-time) instead of paper-based one.

The reasons why the Financial Sector requires e-Sign Workflow

The old system of document signing consists of printing, scanning, couriering, and storing copies of paper. This creates:

• Slow loan approvals and issuing of policies.
• The increased printing and storage costs.
• Risks of compliance on lost or uncompleted documents.
• Customer dissatisfaction due to manual time-consuming processes.

Through the implementation of the digital signature work flows, banks, insurers and NBFCs are in a position to streamline all the processes of document execution and maintain full regulatory compliance as per the Information Technology Act, 2000.

What Is an e-Sign Workflow?

An e-Sign is an electronic process of preparing, routing, signing and storing documents electronically. It does away with human interaction and assists institutions gather signatures of customers, partners or employees digitally and this is at any time and place.

Adobe Signature Workflow and Aadhaar eSign API are just some of the solutions that allow such a seamless process by integrating safe and legally binding signatures into the business applications.

Major Advantages of e-Sign Workflow to Banks, Insurance and NBFCs

• Instant Document Signing

Rather than spending days to get the physical signatures, the customers are able to sign within seconds, by using OTP or Aadhaar authentication. This minimizes the turn around time and accelerates the business cycles.

• Automation of Signing Documentation

Automate common document workflows such as KYC documents, loan agreements or insurance policies. After a document is created, it is automatically forwarded to the signer using workflow which monitors its completion and stores it safely.

• Better Customer Experience

Clients are allowed to sign their phone or laptops - they do not have to go to the branches or fill out paper forms. This ease generates trust and enhances general satisfaction.

• Aadhar API eSign Regulatory Compliance

Institutions can use Aadhaar eSign API to authenticate users either by Aadhaar-linked OTP or by verifying them through biometrics. The document signed is encrypted, stamped and accepted by law in the Indian regulations regarding digital signatures.

• Improved Audit Trails and Security

Cryptographic certificates and audit trails that can not be tampered with support each signature. Institutions are able to confirm the signature by who, when, and where which is being done, the transparency is provided, and accountability is involved.

• Cost & Time Efficiency

Going paperless with a document signing process will save on printing, scanning and carrier charges. The time saved by teams is huge, and the need to store paperwork is minimized by the organization.

Adobe Signature Workflow compared to Aadhaar eSign API

As good as using global tools such as Adobe Signature Workflow to work internationally, Aadhaar eSign API is usually favored by the Indian financial institutions because of its compliance with local standards, good linkage with identities and affordability.

Rather, by using solutions such as the e-Sign API offered by SignSecure, companies can have the best of both worlds, that is, enterprise level security and an India-focused regulatory compliance.

The Simplicity of SignSecure in Digital Signing of Financial Institutions

SignSecure.in provides a solution to Banks, insurance companies, and non-bank financial institutions to enable them with Document Signing Workflow Automation and Aadhaar eSign API.

The major characteristics of the e-Sign Solutions of SignSecure:

• Digital signatures secured, based on Aadhaar.
• RESTful API so as to integrate with CRM and loan management systems easily.
• Signing of documents in bulk when the number of documents is high.
• Audit logs, real-time tracking, and verification tools.
• Coverage in the IT Act, 2000, and Aadhaar e-KYC.

SignSecure will give a full, trusted, and legally acceptable solution, be it by gathering thousands of customer signatures or automating internal approval processes.

E-Sign Workflow Future of e-Signs in BFSI

With India progressing towards full digital governance, e-sign workflows become the key of safe financial documentation. The early adopters of the automation of digital signatures by banks, insurers, and NBFCs will have improved approvals, improved compliance, and improved customer loyalty.

It is not only paperless but easy as well, with a solution such as the SignSecure Aadhaar eSign API.

Conclusion

It goes beyond being convenient; the transition of manual to digital signatures is a necessity of a modern financial institution. Banks, insurance agencies, NBFCs, and similar organizations can improve their operations, improve fraud reduction, and provide better customer experiences by automating Document Signing Workflow with the help of the use of Aadhaar eSign API.

Cooperation with SignSecure.in. Cooperation with SignSecure.in will provide secure, compliant, and scalable e-sign workflows to your financial business, and it will also begin to change the manner in which you are currently collecting signatures.